MRTS (L for K)= -dK/dL = MPL/MPK For Example: When going from point B to A in Figure 9.1‚ the Slope = (8 units of Capital)/(-6 units of Labor). The MRTS (L for K) = -(8/-6) = 4/3 between points B and A‚ which means that 4 units of Capital can substitute for 3 units of labor. Isocosts: An isocost line (equal-cost line) is a Total Cost of production line that recognizes all combinations of two resources that a firm can use‚ given the Total Cost (TC). Moving up or down the line shows the rate
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Dear Ms Pang‚ Replying complaints on the Better Business Communication Course I am writing in regard to your letter of 31st October20_ _ concerning the complaint about the better Business Communication Course which ran from 5th September to 24th October. We feel sorry for your disappointing experience in this course and thank for your letter to inform us the problems of the course. First and foremost‚ regarding the fee of the course‚ according to the newspaper advertisement‚ a fifteen percent
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Major factors behind outdoor recreational conflicts have been found to be: 1. Activity Style: The various personal meanings assigned to an activity. differences in personal meanings assigned to an activity‚ 2. Resource Specificity: The significance attached to using a specific recreation resource for a given recreational experience. differences in the level of significance attached to using a specific recreation resource‚ 3. Mode of Experience: The varying expectations of how the natural environment
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Classification of Products- Consumer and Industrial Consumer goods Convenience goods and services – candy‚ ATM services Shopping goods and services – clothing‚ car repair Specialty goods and services – houses‚ interior design Industrial goods Expense items – inventory‚ repair bills Capital items – computer servers‚ long-term maintenance contracts CONSUMER GOODS These are the goods which are purchased without further commercial processing by the consumers for household
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Capital Goods INTRODUCTION: • Capital goods originally referred to the means of production. Individuals‚ organizations and governments use capital goods in the production of other goods or commodities. Capital goods include factories‚ machinery‚ tools‚ equipment‚ and various buildings which are used to produce other products for consumption. Capital goods‚ then‚ are products which are not produced for immediate consumption; rather‚ they are objects that are used to produce other goods and services
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18.2 Good or Service Mr. Gulash lived in Shelton‚ Connecticut. He wanted an above- ground swimming pool installed in his backyard. Gulash contacted Stylarama‚ Inc. (Stylarama)‚ a company specializing in the sale and construction of pools. The two parties entered into a contract that called for Stylarama to “ furnish all labor and materials to construct a Wavecrest brand pool‚ and furnish and install a pool with vinyl liners.” The total cost for materials and labor was $ 3‚690. There was no breakdown
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------------------------------------------------- What is Capital Goods? * Capital goods are the tools and machinaries used for producing consumer products. * They’re (usually) expensive‚ and they’re purchased for long-term use. * Raw materials are also needed for producing consumer goods (Biscuits‚ bread etc) but they are not capital goods. * Capital goods are also known as producer goods. ------------------------------------------------- Examples of Capital goods? * Heavy equipment (such as excavators
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Introduction: The classification of goods (physical products) is essential to business because it provides a basis for determining the strategies needed to move them through the marketing system. The two main forms of classifications are consumer goods and industrial goods. We are interested in this paper to elaborate more on Consumer Goods Classification only. Consumer Goods: Consumer goods are defined as goods that are bought from retail stores for personal‚ family‚ or household use.
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Microeconomics Monopolies Paper Monopolies Good or Bad A monopoly is a single company that owns all or nearly all of the markets for a type of product or service. A monopoly is at the opposite end of the market structure. It is where there is no competition for goods or services and a company can freely charge a price or prevent market competition. Monopolies have three built in assumptions‚ one seller‚ no substitutes or competition‚ and extremely high barriers to entry. Examples of monopolies
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Good Customer Service Good customer service is all about bringing customers back. Due to intangibility‚ the customers can’t feel the service‚ and thus causes lack of confidence of customers to the services. Therefore‚ the business should ensure that they provide a good‚ nice‚ friendly and professional service to the clients. The essence of good customer service is forming a relationship with customers – a relationship that that individual customer feels that he would like to pursue. The staff
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